Jones Lang LaSalle Incorporated today reported GAAP net income for the third quarter of $10.2 million, or $0.32 per share. Excluding after tax expenses of $1.1 million associated with the expansion of its New York business announced in August, the earnings of $0.35 were at the low end of the firm’s previously stated expectations.
The First Call consensus estimate of $0.40 per share excluded the impact of our New York expansion. Results compare favorably with the prior year’s third quarter GAAP net loss of $6.2 million, or $0.21 per share.
Revenues in the quarter of $207.1 million were down 5 percent in U.S. dollars, 9 percent in local currency over the prior year period. This decline reflects the adverse impact of the difficult and uncertain global economic conditions on general business confidence and our clients’ decision making. Year-to-date revenues were down 9 percent in U.S. dollars, 11 percent in local currency.
A focus on tight expense controls together with the continuing benefits of last year’s management actions to bring the organization in line with the expected 2002 business environment helped to offset these revenue declines.
Operating expenses for the quarter, excluding non-recurring and restructuring charges were $188.8 million, a 2 percent reduction on the prior year period in U.S. dollars, 6 percent in local currency. For the year-to-date, operating expenses, excluding non-recurring and restructuring charges were $533.0 million, a 9 percent reduction on the prior year period in U.S. dollars, 10 percent in local currency.
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(source: Jones Lang LaSalle)
